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According to a new report Global Contactless Payment Market, published by KBV Research, the global Contactless Payment Market is expected to attain a market size of $21.1 billion by 2022, growing at a CAGR of 21.6% during the forecast period.

The widespread popularity of internet shopping, QR & ID codes and mobile banking services has directly influenced the growth of contactless payment market. E-commerce as an industry has significantly influenced different verticals and directly influenced and augmented the demand for contactless payment.Another contributing factor that has led to the widespread adoption of contactless payment is the need for expedient payment mechanism with an aim of providing better customer services. Despite potentials prevailing, customers are still inclined to cash transactions as cyber threats are widely prevalent. Adding the security threats, resistance to technological upgrade in disbursement mode is also been a major restraining factor. North America, Europe and Asia-Pacific are some of the leading markets that would contribute the market expansion for the contactless payment market.

In 2015, Mobile Handsets segment dominated the Global Contactless Payment market by device type. The segment is expected to reach USD 7,397.4 million by 2022. However, Smart Cards would witness highest CAGR of 24.4% during the forecast period.

In 2015, Payment Terminal Solution dominated the Global Contactless Payment market by Solution type. The segment has generated revenue of USD 1,295.8 million in 2015. However, Hosted Point of Sale Solution would witness highest CAGR of 24.2% during the forecast period.

The report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key influencing factors of the global Contactless Payment Market have been discussed in the report along with the elaborated company profiles of Microsoft Corporation, Wirecard AG (until April 6, 2005: InfoGenie AG), Giesecke & Devrient GmbH, Ingenico Group S.A, Gemalto NV, Renesas Electronics Corporation, INSIDE Secure, Verifone Systems, Inc.